Office

Lincoln Property Completes Renovation of 800 Wilshire Office Building in LA

by Nellie Day November 12, 2015

LOS ANGELES — Lincoln Property Company has completed its renovation of 800 Wilshire, a 226,797-square-foot office tower in Downtown Los Angeles. The 16-story tower is located at 800 Wilshire Blvd. Lincoln acquired the property with its joint venture partner Angelo, Gordon & Co. in 2013. Since then, the company established a new tenant base, upgraded common areas to cater to creative office users, improved the aesthetics of the building and recruited new retailers on the ground floor. Occupancy rose from 65 percent to 95 percent, according to Lincoln. The tower was originally built in 1972. It was last renovated in 2004. Cross Campus recently signed on at 800 Wilshire, as did 800 Degrees Pizza, which now occupies some of the ground-floor retail space. The JV sold the property to Onni Group last month for about $80 million. Marc Renard of Cushman & Wakefield’s Capital Market Group executed the transaction.

November 12, 2015

Northeast Office Pennsylvania

Swope Lees Commercial Brokers Acquisition of 6,000 SF Office Building in Pennsylvania

by Amy Works November 12, 2015

EXTON, PA. — Swope Lees Commercial Real Estate has arranged the acquisition of an office building located at 111 Summit Drive within Whiteland Business Park in Exton. Jacquette Consulting Inc. acquired the property for an undisclosed price. The 6,000-square-foot office building features private offices, restrooms, an open bullpen area, conference room and kitchen. Chuck Swope of Swope Lees Commercial represented the buyer, while Jim Dugan of Newmark Grubb Knight Frank and Eric Stretch of First Liberty Partners represented the seller in the transaction.

November 12, 2015

North Carolina Office Southeast

CBRE | Raleigh Brokers $20M Sale of Office Building in Raleigh

by John Nelson November 12, 2015

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of Carolina Place, a five-story, 99,181-square-foot office building located at 2626 Glenwood Ave. in Raleigh. The Class A building was 90 percent leased at the time of sale. Houston-based Griffin Partners purchased the asset from New Boston Fund for $20 million, according to the Triangle Business Journal. Ben Kilgore of CBRE | Raleigh, along with John Boylan and J.D. McNeil of Spectrum Properties, represented New Boston Fund in the sale.

November 12, 2015

Market Reports Midwest Midwest Market Reports Missouri Office Uncategorized

Tight Office Conditions Lead to Much-Needed New Construction in St. Louis

by Christina Cannon November 12, 2015

Improving real estate fundamentals in the St. Louis office market are opening the floodgates to new construction that is greatly needed as large occupiers are finding limited, if any, existing available options. Over the past few years, the gap between rent for existing office properties and new properties was too great to justify construction. Until now, that is. The St. Louis employment base is finally reaching a pre-recession level with continued growth in the healthcare, information technology and engineering industries. The centrally located and more affluent residential areas — the West County and Clayton submarkets in particular — are experiencing higher occupancies and increasing rental rates. Clayton historically has been the best-performing submarket in St. Louis and still is today, while West County is situated near mid- to upper-level income workers. Development has and will continue to follow these highly sought after submarkets as they offer the metro area’s best real estate fundamentals and returns. Add to all of those factors a lack of new product in the past several years — plus a Class A vacancy rate of 10 percent — and you have an ideal climate for new construction. Pivotal project is catalyst The announcement that St. Louis-based …

November 12, 2015

Industrial Multifamily Office Retail Texas

Fort Worth Sperry Van Ness Offices Merge into Sperry Van Ness / Trinity Advisors

by Haisten Willis November 11, 2015

FORT WORTH, TEXAS — Commercial brokers Steve Fithian and James Blake have merged their Fort Worth Sperry Van Ness offices together into Sperry Van Ness / Trinity Advisors. The merger brings together Fithian’s Sperry Van Ness / Visions Commercial office and Blake’s Sperry Van Ness / Summit Commercial office. The newly merged office, located at 5601 Bridge St., Ste. 504 in Fort Worth, provides commercial real estate brokerage, leasing, consulting and property management on all commercial property types. Fithian has more than 25 years of commercial real estate experience. His specialty primarily has been in multifamily, but has lately also focused on retail and office properties. Fithian also organizes, manages and acts as the general partner in real estate syndications. Blake has more than 30 years of commercial real estate experience. His primary focus is retail and industrial income-producing properties. He also specializes in single-tenant net lease retail and is working to put together a single-tenant net lease team at Sperry Van Ness / Trinity Advisors to represent clients in the purchase and sale of these properties. The company has a total of six advisors and eight employees.

November 11, 2015

New Hampshire Northeast Office

NAI Norwood Group Brokers $3.5M Acquisition of Office Property in New Hampshire

by Amy Works November 11, 2015

MERRIMACK, N.H. — NAI Norwood Group has arranged the acquisition of an office building located at 237 Daniel Webster Highway in Merrimack. Shellback Harbor LLC purchased the property from C&I Investment Associates for $3.5 million. Situated on 9.5 acres, the 68,870-square-foot property was formerly home to Fairpoint Communications. Shellback Harbor, dba BES&T Global Commissioning, will use the property as its world headquarters. Aron Brown of NAI Norwood Group represented the buyer, while Norton Asset Management represented the seller in the transaction.

November 11, 2015

Connecticut Northeast Office

O,R&L Commercial Negotiates $2.6M Sale of Office Building, Parking Lot in Connecticut

by Amy Works November 11, 2015

NEW HAVEN, CONN. — O,R&L Commercial LLC has negotiated the sale of an office building and adjacent parking lot, located at 189-191, 201 Orange St. and 115 Court St. in New Haven. The investment properties sold for $2.6 million. Frank Hird of O,R&L Commercial represented the seller, O’Keefe Associates, Manhattan Associates and Euclid/O’Connor Associates, while Charlotte Goldblatt of Goldblatt Associates represented the buyer, Bulkhead Investments LLC.

November 11, 2015

Regal Entertainment Group Knoxville One Riverwalk

Office Southeast Tennessee

Southeastern Development Relocates Regal’s Headquarters to Knoxville

by John Nelson November 11, 2015

KNOXVILLE, TENN. — Southeastern Development Associates has signed Regal Entertainment Group to a lease that relocates its world corporate headquarters to downtown Knoxville. The company is the world’s largest theater chain with nearly 7,500 screens. Regal will occupy a nine-story, 178,000-square-foot office building located on the Tennessee River in Southeastern Development’s One Riverwalk mixed-use development. Upon completion, One Riverwalk will feature 300 luxury apartment communities, student housing, office space, a hotel, retail shopping, restaurants, a riverwalk esplanade, parks and an entertainment plaza. Regal is expected to bring approximately 400 employees with the relocation. Southeastern Development Associates, formerly known as Blanchard & Calhoun Commercial, partnered with Tennessee Governor Bill Haslam, the city of Knoxville, Knoxville Mayor Tim Burchett and the Tennessee Valley Authority. Tommy Saul, Rhodes Seeger and Chris Senn represented Southeastern Development Associates internally in the transaction.

November 11, 2015

California Life Sciences Loans Office Western

Genesis at Campus Point in San Diego to Undergo $96.4M Biotech Conversion

by Nellie Day November 10, 2015

SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive. The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.

November 10, 2015

Office Texas

HFF Arranges Sale of BBVA Compass Plaza in Houston’s Galleria Area

by Haisten Willis November 10, 2015

HOUSTON — HFF has arranged the sale of BBVA Compass Plaza, a Class A office building totaling 326,200 square feet in Houston. BBVA Compass Plaza is the first office building to be delivered to the Galleria area in nearly three decades. HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners, TRC Capital Partners (formerly The Redstone Cos.) and an institutional client of L&B Realty Advisors. Masaveu Post Oak Houston Delaware LLC purchased BBVA Compass Plaza for an undisclosed amount. Completed in 2013, BBVA Compass Plaza is a LEED Gold-certified, 22-story building that is 83 percent leased. BBVA Compass Bank occupies 58 percent of the net rentable area, and the remaining tenants are a mix of national and international firms. The recently completed property features a 1,144-space parking garage, a full retail bank branch, fitness center and two restaurants: Caracol and Oka Sushi. BBVA Compass Plaza is situated in Houston’s Galleria submarket with access to Loop 610, I-10, Highway 59 and Westpark Tollway. Scott Galloway, Dan Miller, Matt Kafka, Colby Mueck and Trent Agnew led the HFF investment sales team.

November 10, 2015

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